Helping Consumers Re-Establish Their Credit

Second Chance Payday Loans

A second chance payday loan is a high risk loan that is based on future earnings of the person taking the loan. This is usually a loan that involves a very short term line of credit and can be incredibly expensive to take. When people talk about “second chance” we’re usually talking about someone who has previously defaulted on a loan. This could be for any number of reasons, but typically something happens to the individual taking the loan. Regardless of the situation, there’s always a finance company who is willing to give you the money; but taking a second chance, short term, payday loan might cost you a pretty penny. If you’re looking for a two week or so payback period, you can expect to pay upwards of $20-$30 for each hundred of “borrowed” money. These rates are incredibly high for such a short term period of time, but certain situations demand drastic action. The only time I’d ever recommend a 2nd chance payday loan is when you’re having to bale a loved one out of jail or your health is in serious joeopardy and you simply have no other choice. Otherwise, they’re just way to expensive for the average consumer.